Wall Street experienced a significant downturn Friday as investors braced for impending tariffs from US President Donald Trump next week.
The Dow Jones Industrial Average plummeted 1.7 percent, settling at 41,583.90. The broader S&P 500 Index also suffered a sharp decline of 2.0 percent, closing at 5,580.94.
The tech-heavy Nasdaq Composite Index took an even greater hit, diving 2.7 percent to finish at 17,322.99.
Concerns are mounting that the anticipated reciprocal tariffs, slated for announcement on April 2, could trigger a considerable economic deceleration.
Adam Sarhan from 50 Park Investments cautioned about the potential for widespread earnings damage.
He further suggested that other nations might not mitigate the impact of these tariffs and could instead enact retaliatory measures.
Such actions could potentially precipitate a global recession or a significant global economic slowdown, ultimately harming corporate profits.
Canadian Prime Minister Mark Carney informed President Trump on Friday of Canada’s intent to implement retaliatory tariffs to safeguard its economy and workforce following Washington’s upcoming trade actions.
The stock market’s stumble coincided with the release of inflation data earlier in the day, which investors closely scrutinized.
